Pittsburgh-based Wabtec Corp., a provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, recently completed its purchase of Massachusetts-based Evident’s Inspection Technologies division for $1.78 billion.
The Inspection Technologies division, formerly part of Olympus’ Scientific Solutions Division,
conducts nondestructive testing and remote visual inspections of mission-critical assets and infrastructure, and provides analytical instruments for maintenance, manufacturing, and environmental applications.
“Today, we are a stronger company with the addition of Inspection Technologies,” Rafael Santana, Wabtec president and CEO, said. “The acquisition expands and strengthens our Digital Intelligence business, with advanced products and services for the company’s rail, mining, and industrial sectors, while broadening our reach into other high-growth, high-margin end-markets. It enhances Wabtec’s existing portfolio, is accretive to key financial metrics, and aligns with the company’s long-term vision to lead the industry in innovation for our customers.”
The purchase strengthens Wabtec’s Digital Intelligence business by adding advanced automated inspection capable technologies and positions the company for accelerated growth by doubling the size of its total addressable market from approximately $8 billion to $16 billion.
The purchase aligns with the company’s stated growth drivers including increasing the installed base, accelerating the innovation of scalable technologies, and driving continuous operational improvements.